Marina Palms developer gets $98M construction loan

HSBC financing the two-tower yacht club project

Nov.November 14, 2013 02:00 PM

The developer of Marina Palms Yacht Club & Residences in North Miami Beach has obtained a $98 million construction loan for the two-tower project.

HSBC Bank USA provided the loan to the developer, a partnership between The Plaza Group and DevStar Group, South Florida Business Journal reported. Marina Palms plans include 468 condos in twin 25-story buildings. Construction of the north tower began in September. Those units are already sold out, according to the developer.

The developer is launching unit sales for the south tower later this month, with prices averaging $550 per square foot. Those condos are expected to sell out by the end of next year, DevStar principal Anthony Burns said in the company’s statement announcing the construction financing.

A marina with 112 boat slips is also part of the plans for Marina Palms.

Located at Northeast 172nd Street and Biscayne Boulevard, the Marina Palms site was purchased out of foreclosure after a previous attempt to develop it failed during the recession. [South Florida Business Journal]Eric Kalis

Related Articles

Daily Digest Miami

Ken Griffin pays nearly $100M for Palm Beach estate, new renders of 830 Brickell office tower: Daily digest

From left: Jacob Serure, Elliot Shainberg, Deme Mekras, and Aaron Kurlansky with California Club Apartments

Coral Springs investor buys apartment complex near Aventura

Brett David and a rendering of the auto spa

Prestige Imports plans $2M “auto spa” in North Miami Beach

Jorge Savloff and Marco Tenenbaum with a rendering of the project

Blue Road wins approval for Capri condo tower in North Miami Beach

Baskir Capital buys a TD Bank branch in North Miami Beach

Bizzi & Partners pays $10.27M for site on Northeast 163 Street in North Miami Beach

NFL star Elvis Dumervil is betting big on North Miami real estate

North Miami Beach property approved for hotel development sells for $11.38M